Net income in the three months ended March 31, 2002 was primarily a result of an income tax benefit of $3,651,000 in the period, resulting from temporary changes in certain tax laws, including an increase in a net operating loss carry-back period from two to five years.

For Americans who have waited for action on the housing crisis - only to see handouts and bailouts for corporations - it is particularly encouraging that despite heavy lobbying from corporate homebuilders, Congress rejected a $25 billion taxpayer handout in the form of a net operating loss carry-back provision.

The Company's net profit for the first quarter of 2002 included reported tax benefits of $1,894,000, resulting from Larscom's accounting for the tax loss carry-back provisions of the Job Creation and Worker's Assistance Act of 2002.

However, the Company expects to receive a tax refund during the current fiscal year of approximately $16 million as a result of recent tax law changes increasing the net operating loss carry-back period from two to five years.

The income tax benefit was attributable to a $17 million credit recorded as a result of recent tax law changes increasing the net operating loss carry-back period to 5 years, partially offset by $5 million of tax expense related primarily to earnings from the Company's Canadian operations.

89 per share, primarily related to the recognition of a tax net operating loss carry-back realized through a change in tax laws, which increased the number of historical years that companies can carry-back losses.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.